Insurance Commission reports 8.2% fall in net income in 2020

The Philippine insurance industry posted an 8.6% fall in net income to ₱41.24 billion ($858m) last year, down from ₱45.12 billion in 2019 according to the 2020 Industry Performance report released by the Insurance Commission.

Premium income of the insurance industry in 2020 rose marginally by 1.18% year-on-year to reach ₱308.25 billion.

Claims and benefit payments dropped by 12.38% to ₱98.49 billion last year compared to 2019.

SOURCE: Asian Insurance Review